...Downgrade to `A+': The downgrade in November 2014 to `A+' from `AA-' reflects near-term pressure on sales and profitability associated with the patent expiry of key drugs at a time when the company is investing in R&D, future growth opportunities and operational efficiency. Fitch Ratings therefore expects an increase in the company's business and financial risks relative to those of its peer group. Patent Expiries Pressure Performance: AstraZeneca PLC is one of the Fitch-rated European pharma companies most exposed to patent expiry, with around 28% of 2013 sales at risk from US patent expiration by 2016. Sales at risk include the US patent expiry of AstraZeneca's two largest drugs Nexium (Gastrointestinal) and Crestor (Cardiovascular), resulting in near-term pressure on revenue and profitability. Focus on R&D Productivity: AstraZeneca remains under pressure to deliver on its R&D pipeline, as a result of the high share of sales at risk. The company has also stepped up investment in R&D through...
